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v3.19.1

Restatement (Tables) | 6 Months Ended
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Jun. 30, 2018
Restatement [Abstract] |
Schedule of restatement on consolidated balance sheet |
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Accounts receivable |  | $ | 13,203,156 |  |  | $ | 16,998,804 |  |  | $ | 3,795,648 |
Current portion of investment in sales-type leases, net |  |  | 14,234,089 |  |  |  | 12,220,921 |  |  |  | (2,013,168 | )
Interest receivable on sales type leases |  |  | 10,295,813 |  |  |  | 9,845,608 |  |  |  | (450,205 | )
Other receivables |  |  | 4,735,493 |  |  |  | 1,338,442 |  |  |  | (3,397,051 | )
|  |  |  |  |  |  |  |  |  |  | - |
Investment in sales-type leases net (Non-current) |  |  | 95,238,937 |  |  |  | 42,241,411 |  |  |  | (52,997,526 | )
Total Assets |  | $ | 286,031,716 |  |  | $ | 230,969,414 |  |  | $ | (55,062,302 | )
Deferred tax liability, net |  | $ | 8,115,286 |  |  | $ | 1,500,680 |  |  | $ | (6,614,606 | )
Total Liabilities |  |  | 86,251,518 |  |  |  | 79,636,912 |  |  |  | (6,614,606 | )
Statutory reserve |  |  | 14,791,889 |  |  |  | 14,561,911 |  |  |  | (229,978 | )
Accumulated other comprehensive income |  |  | (952,416 | ) |  |  | (1,119,916 | ) |  |  | (167,500 | )
Retained earnings |  |  | 74,788,797 |  |  |  | 26,738,579 |  |  |  | (48,050,218 | )
Total Company stockholders’ equity |  |  | 200,433,393 |  |  |  | 151,985,697 |  |  |  | (48,447,696 | )
Total liabilities and equity |  | $ | 286,031,716 |  |  | $ | 230,969,414 |  |  | $ | (55,062,302 | )
Schedule of restatement on consolidated statement of income and comprehensive income | The following table presents the effects of the restatement on the accompanying consolidated statement of income and comprehensive income for the six months ended June 30, 2018:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Contingent rental income |  | $ | - |  |  | $ | 2,804,268 |  |  | $ | 2,804,268 |
Interest income on sales-type leases |  |  | 2,747,008 |  |  |  | 2,264,481 |  |  |  | (482,527 | )
Total operating income |  |  | 2,747,008 |  |  |  | 5,068,749 |  |  |  | 2,321,741 |
General and administrative expenses |  |  | 1,331,792 |  |  |  | 3,692,406 |  |  |  | 2,360,614 |
Income from operations |  |  | 1,415,216 |  |  |  | 1,376,343 |  |  |  | (38,873 | )
Loss before income tax |  |  | (1,427,310 | ) |  |  | (1,466,183 | ) |  |  | (38,873 | )
Income tax expense |  |  | 493,490 |  |  |  | 267,918 |  |  |  | (225,572 | )
Net loss attributable to China Recycling Energy Corporation |  |  | (1,733,617 | ) |  |  | (1,546,918 | ) |  |  | 186,699 |
Foreign currency translation loss |  |  | (2,587,043 | ) |  |  | (1,980,469 | ) |  |  | 606,574 |
Comprehensive loss attributable to China Recycling Energy Corporation |  | $ | (4,320,660 | ) |  | $ | (3,527,387 | ) |  | $ | 793,273 |
The following table presents the effects of the restatement on the accompanying consolidated statement of income and comprehensive income for the six months ended June 30, 2017:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Contingent rental income |  | $ | - |  |  | $ | 3,309,272 |  |  | $ | 3,309,272 |
Interest income on sales-type leases |  |  | 4,331,011 |  |  |  | 3,327,583 |  |  |  | (1,003,428 | )
Total operating income |  |  | 4,331,011 |  |  |  | 6,636,855 |  |  |  | 2,305,844 |
General and administrative expenses |  |  | 339,301 |  |  |  | 2,534,750 |  |  |  | 2,195,449 |
Income from operations |  |  | 3,991,710 |  |  |  | 4,102,105 |  |  |  | 110,395 |
Income before income tax |  |  | 1,347,643 |  |  |  | 1,458,038 |  |  |  | 110,395 |
Income tax expense |  |  | 781,966 |  |  |  | 610,995 |  |  |  | (170,971 | )
Net income attributable to China Recycling Energy Corporation |  |  | 743,932 |  |  |  | 1,025,298 |  |  |  | 281,366 |
Foreign currency translation gain |  |  | 4,632,435 |  |  |  | 3,484,452 |  |  |  | (1,147,983 | )
Comprehensive income attributable to China Recycling Energy Corporation |  | $ | 5,376,367 |  |  | $ | 4,509,750 |  |  | $ | (866,617 | )
The following table presents the effects of the restatement on the accompanying consolidated statement of income and comprehensive income for the three months ended June 30, 2018:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Contingent rental income |  | $ | - |  |  | $ | 1,381,437 |  |  | $ | 1,381,437 |
Interest income on sales-type leases |  |  | 740,969 |  |  |  | 657,866 |  |  |  | (83,103 | )
Total operating income |  |  | 740,969 |  |  |  | 2,039,303 |  |  |  | 1,298,334 |
General and administrative expenses |  |  | 978,285 |  |  |  | 2,186,175 |  |  |  | 1,207,890 |
Loss from operations |  |  | (237,316 | ) |  |  | (146,872 | ) |  |  | 90,444 |
Loss before income tax |  |  | (1,690,677 | ) |  |  | (1,600,233 | ) |  |  | 90,444 |
Income tax benefit |  |  | (14,669 | ) |  |  | (71,627 | ) |  |  | (56,958 | )
Net loss attributable to China Recycling Energy Corporation |  |  | (1,580,083 | ) |  |  | (1,432,681 | ) |  |  | 147,402 |
Foreign currency translation loss |  |  | (10,918,114 | ) |  |  | (8,385,747 | ) |  |  | 2,532,367 |
Comprehensive loss attributable to China Recycling Energy Corporation |  | $ | (12,498,197 | ) |  | $ | (9,818,428 | ) |  | $ | 2,679,769 |
The following table presents the effects of the restatement on the accompanying consolidated statement of income and comprehensive income for the three months ended June 30, 2017:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Contingent rental income |  | $ | - |  |  | $ | 1,538,240 |  |  | $ | 1,538,240 |
Interest income on sales-type leases |  |  | 2,202,995 |  |  |  | 1,648,608 |  |  |  | (554,387 | )
Total operating income |  |  | 2,202,995 |  |  |  | 3,186,848 |  |  |  | 983,853 |
General and administrative expenses |  |  | 230,240 |  |  |  | 1,331,583 |  |  |  | 1,101,343 |
Income from operations |  |  | 1,972,755 |  |  |  | 1,855,265 |  |  |  | (117,490 | )
Income before income tax |  |  | 645,342 |  |  |  | 527,852 |  |  |  | (117,490 | )
Income tax expense |  |  | 365,663 |  |  |  | 293,750 |  |  |  | (71,913 | )
Net income attributable to China Recycling Energy Corporation |  |  | 369,511 |  |  |  | 323,934 |  |  |  | (45,577 | )
Foreign currency translation gain |  |  | 3,526,451 |  |  |  | 4,327,559 |  |  |  | 801,108 |
Comprehensive income attributable to China Recycling Energy Corporation |  | $ | 3,895,962 |  |  | $ | 4,651,493 |  |  | $ | 755,531 |
Schedule of restatement on consolidated statement of cash flows | The following table presents the effects of the restatement on the accompanying consolidated statement of cash flows for the six months ended June 30, 2018:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Loss including noncontrolling interest |  | $ | (1,920,800 | ) |  | $ | (1,734,101 | ) |  | $ | 186,699 |
Changes in deferred tax |  |  | (427,551 | ) |  |  | (653,123 | ) |  |  | (225,572 | )
Interest receivable on sales type leases |  |  | (569,647 | ) |  |  | (358,904 | ) |  |  | 210,743 |
Collection of principal on sales type leases |  |  | 2,084,149 |  |  |  | 1,716,968 |  |  |  | (367,181 | )
Accounts receivable |  |  | - |  |  |  | (1,386,881 | ) |  |  | (1,386,881 | )
Other receivables |  |  | (1,772,310 | ) |  |  | (190,118 | ) |  |  | 1,582,192 |
Net cash provided by operating activities |  | $ | 1,752,281 |  |  | $ | 1,752,281 |  |  | $ | - |
The following table presents the effects of the restatement on the accompanying consolidated statement of cash flows for the six months ended June 30, 2018:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Income including noncontrolling interest |  | $ | 565,677 |  |  | $ | 847,043 |  |  | $ | 281,366 |
Changes in deferred tax |  |  | 117,315 |  |  |  | (53,656 | ) |  |  | (170,971 | )
Interest receivable on sales type leases |  |  | (2,922,393 | ) |  |  | (2,730,500 | ) |  |  | 191,893 |
Collection of principal on sales type leases |  |  | 574,006 |  |  |  | 370,139 |  |  |  | (203,867 | )
Accounts receivable |  |  | - |  |  |  | (1,469,996 | ) |  |  | (1,469,996 | )
Other receivables |  |  | (1,692,112 | ) |  |  | (320,537 | ) |  |  | 1,371,575 |
Net cash used in operating activities |  | $ | (1,182,172 | ) |  | $ | (1,182,172 | ) |  | $ | - |

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